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Travel Insurance Policies


We took a closer look at some relatively basic travel insurance policies and some of the least expensive ones offered by carriers. Not surprisingly, the average cost of the basic policies was lower that the average cost of the more comprehensive plans. The more a travel insurance policy covers, or the higher claim limits it has, the higher the mean premium.

Average Cost of Travel Insurance Coverage

105
Basic Coverage
130
Middle-Tier Coverage
164
Comprehensive Coverage
Policyholders have quite a bit of control over the cost of travel insurance because they can choose what coverage they need or want. For contrast, if a homeowner needs to insure their house, there aren’t many things they can do to affect the cost, beyond shopping around for the cheapest carrier. The basic or silver tiers generally have less medical coverage or lower limits to claim than higher gold or platinum tiers.

Average Travel Insurance Cost By Age

In addition to the types of coverage and the claim limits, a person’s age has a substantial impact on the cost of travel insurance. No matter the type of policy someone buys, the price increases dramatically the older they are. Our analysis below showed that premiums remained relatively flat for travelers age one through 30, but then the cost begins to climb. The most drastic increases occur between ages 60 and 80. We attempted to gather quotes for travelers as old as 100, 105 and 110 but no companies offered quotes for our sample traveler of those ages.

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